With the constant and steady rise of online shopping comes the constant and steady need for courier drivers. Demand though has often outweighed the number of courier drivers which has put existing drivers under increased pressure. Like anything, with increased pressure comes increased mistakes.
Within this guide, there are a few things tips that may be of potential use in reducing the cost of your courier insurance.
Saving Money on Insurance for Couriers
Courier cover can be quite costly, especially if you operate a courier van. Therefore, your best bet on saving money is to combine a number of options in order to reduce your premium.
Be Selective Of Cover
Where possible, you should be selective as to what insurance you have as part of your policy. It is crucial that you do not under insure. That said, there is no need to over insure either.
For example, if you are not carry volatile or extremely high value items, then you won’t need these type of addons.
This can also be applied to your vehicle. Having fully comprehensive insurance will always provide you with the complete type of policy. However, you only need third party insurance to drive on UK roads. Remember though, third party insurance does not cover your own vehicle.
Increase Your Excess
Increasing your excess is a great way to reduce the cost of any insurance quote.
The excess you pay when making a claim is essentially your contribution to the claim. As such, by volunteering to pay more, you can effectively reduce the cost of your policy. You should though ensure that your excess is not so high that you can’t afford to make a claim in the event of needing too.
Increase Your No Claims Discount
By increasing or building up your no claims discount, you demonstrate yourself to be a more trustworthy driver and therefore a safer risk for insurers.
Insurers typically offer greater discount for greater no claims bonus in response to safer driving. Therefore, if you can avoid claiming, then it is probably wise that you do as the savings made at renewal will greater.
Courier car insurance and fast food insurance are two areas where having good no claims bonus is very beneficial.
Compare Insurance Providers
Taking the time to compare courier insurance is an absolute essential step in saving money. Not all brokers have competitive policies so taking the time to use an insurance comparison service or shop around is likely to save you a lot of money.
We can help you with this step by looking at your individual needs and match you with a broker who will be able to help you the most.
Bundle Policies Together
Bundling policies together can help reduce your costs. It’s probably of greater benefit to self-employed couriers who can insure a car on the same policy.
This is not always a feature offered by all insurers so it will require a level of shopping around but it may pay dividends to do so.
If you have multiple vehicles, you may also benefit from a courier fleet policy. Greater savings are typically found from 3 vehicles up but many insurers will offer a fleet policy from two vehicles or more.
Look At A Telematics Policy
A telematics policy is a form of policy that uses technology to monitor your driving. The safer you drive, the less your policy costs.
These policies can often be paid monthly with many insurers offering real time discount towards safer driving. Of course though, if you’re accelerating, turning and braking heavily, then your policy will be greater.
Pay For Your Policy Annually
When you pay for your policy annually, you remove the need for any direct debit or financing to fund a monthly paid policy. This removes admin and interest costs associated with a monthly paid policy.
Of course, it is wise to save for the renewal though each month which makes renewal time ever more easier.